When interest becomes interesting

When interest becomes interesting

by Atty Marino P Lizaso V

when interest becomes interesting

Which is better, to enforce strict rules or to have a more relaxed take on things? As a new dad, I have often been asked on how I intend to raise and discipline my child. My usual answer is simple - "I will not be a strict parent". This is because modern studies show that overly strict parents have a higher risk of raising a child with delinquent behavior.

Now, let's get down to business. For many year, harsh rules on the imposition of interest were enforced by tax authorities in case of non-payment or delayed payment of tax. The National Internal Revenue Code (NIRC) of 1997, as amended, mandates the imposition of two types of interest on any unpaid amount of tax: deficiency interest and delinquency interest.

Section 249 (B) of the NIRC imposes a 20 percent per annum deficiency interest for any unpaid deficiency tax due which is computed starting from the date prescribed for its payment until the full payment thereof.

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